Idaho Endowment Fund Investment Board, Boise, hired three active domestic midcap equity managers: Artisan Partners will run $35 million in growth; Oppenheimer Capital, $20 million in value; and Systematic Financial, $15 million in value. It also hired Northern Trust to manage $80 million in an S&P 500 fund, $40 million in a Russell 1000 Growth fund and $40 million in a Russell 1000 Value fund, said Matthew J. Haertzen, manager of investments.
Officials for the $400 million public school endowment and $200 million pooled endowment partially funded the midcap hirings by terminating Trainer Wortham, which ran $45 million in active domestic large-cap growth equities, for performance and personnel changes, Mr. Haertzen said. The remaining $25 million came from reducing Strong Capitals active domestic small-cap value equities portfolio by $35 million to $25 million, he said.
The other $10 million from the Strong Capital reduction went to fund the Northern Trust portfolio. Further funding for that allocation came from terminating Victory Capital, which ran $90 million in an S&P 500 fund. Plan officials wanted more style-specific funds, he said. The remaining $60 million came from reducing Metropolitan West Capitals active domestic large-cap value equities portfolio to $45 million, he said. Joanne Smith, spokeswoman at Trainer Wortham, did not return calls seeking comment by press time. RBC Dain Rauscher advised.